Sunday

The globex is open now and the market is futures are unchanged. We are entering the last week of august and its options expiration week which lends itself to higher then usual volatility if thats possible!

Nothing is very clear cut right now with where the market is but ideally I would like to see a large gap down on the open monday and then look to take swing trade long this week going into friday morning with the idea of exiting after the open friday morning. That is the ideal…but things rarely happen that way so my thoughts absent that are to start entering swings on monday unless there is a large gap up on monday. If that happens I will most likely sit Monday out.

My opinion is we get a nice rally into friday and that is the way I am going to play it. I have a number of stocks that look pretty good right now for a swing trade long. If they trigger I will take the trades.

If it was not the last week in august I might think differently and wait for the market to pull back some more. But this week has the potential for a variety of reasons to take off from here. Of course I will limit my risk with stops and also limit my risk by only taking what I consider the strongest of the trades rather then every trade that triggers when the market is very oversold.

I have been getting a few questions regarding these swing trades and will try to answer most over the next week.

If you want to follow my swing trades just send an invite to RICKJSWINGS for a two week free trial.

For those of you whose trial is running out you can sign up for 24$ a month through Paypal. Just send to my email address: [email protected]

Some very important advice…applies to not only investing but equally Play Poker:

“Everyone wants to feel like a winner. It’s tempting to pat ourselves on the back for making a winning trade, but it’s essential to face the facts: Many times a winning trade is a combination of an astute insight AND being at the right place at the right time. In other words, external circumstances such as plain good luck make you a winner.

When you put too much of your ego on the line with your money, you may feel great when you win, but on the other hand, you may feel discouraged when you lose. When you allow your ego to enter your trading, you put subtle pressure on yourself to succeed. This added pressure could compel you to make dumb mistakes like holding on to losing trades to avoid hurting your ego. It’s better in the end to take a professional approach to trading marked by objectivity and rationality. Sure, it is necessary to have a passion for what you do, but it is not necessary to get a swelled head.”

I see gamblers blow up their bankrolls quite often as a result of failure to control their ego.

Saturday we lost our MLB play on the Angels and it was not close. Also our setup in the NFL lost.